During these weeks of ongoing social unrest and protests, in the wake of the killing of George Floyd and amid calls for greater social justice, the U.S. stock markets continued to climb, to the dismay of many. The recent momentary pullback in stocks was concern over a second wave of Covid-19 cases and fears over how the process of reopening state economies could be stalled or reversed, not social justice. Getty The markets’ failure to respond to the protests presents evidence of systemic racism on the part of predominantly male white market players. This realization debunks the assumption that U.S. stock markets do not respond to social unrest, as Fox News presented on air and later apologized for amid harsh criticism. No response by the markets is a response. The market can no longer get away with having “ no conscience ,” as CNBC’s Jim Cramer suggested.
The long-standing view of financial markets must change, acknowledging their central role within a socioeconomic system that is systemically racist. We need to ask ourselves what causes the U.S. economic and financial systems to suppress the voices of people of color. A system must be created that penalizes corporations for being socially unjust […]
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